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CBL Officials Charged with Economic Sabotage over US $961K Fraud Case

The Liberia National Police (LNP) has charged Yome W. Titus, an employee of the Central Bank of Liberia (CBL), with defrauding the bank of US$961,777.15.

Yome Titus was arrested on October 19, 2024, following a formal complaint from Acting CBL Governor Henry Saamoi.

Titus faces multiple charges, including Criminal Conspiracy, Theft of Property, and Economic Sabotage.

The investigation began on August 14, 2024, when Governor Saamoi reported the alleged fraud, which was linked to a violent protest by aggrieved employees.

The case was forwarded to the Financial Crime Investigation Division (FCID) for a comprehensive inquiry.

Initial findings revealed various offenses, including conspiracy, obstruction of government functions, and disorderly conduct.

Police investigators uncovered that CBL employees had mismanaged funds, redirecting them to an account at the International Bank Limited without authorization.

The LNP Findings unveiled that on August 1, 2024, Mr. William Grant Jlopleh, Director of the Banking Department, instructed the CBL Risk and Compliance Department to investigate an abnormal balance of US$1,379,391.42 in CBL Teller #30’s operational account at the Liberia Revenue Authority.

The Risk and Compliance Department recommended using the funds to debit the Government Payroll Account for 2024 by $961,777.15 and crediting the operational account with $417,614.27.

However, instead of following these procedures, Titus allegedly transferred the funds to a commercial bank and facilitated a series of unauthorized transactions.

Co-defendants Jongo Armah Chenoweth, James Morris, and others, including Donyen Marpu, Sartu Wolloh, and Elizabeth Chenoweth, face similar charges.

LNP investigators also charged Comfort K. Neah and Famatta F. Freeman, both former and current CBL employees, for allegedly sharing their access credentials with Titus, violating Chapter 10.4 of Liberia’s criminal procedure law.

As the investigation unfolds, several suspects are expected to face trial for serious charges, raising significant concerns about accountability and regulatory oversight within Liberia’s banking sector.

Meanwhile, defendant Titus has been remanded at the Monrovia Central Prison pending court trial.

G. Watson Richards
G. Watson Richards
G. Watson Richards is an investigative journalist with long years of experience in judicial reporting. He is a trained fact-checker who is poised to obtain a Bachelor’s degree from the United Methodist University (UMU)

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